People briefed on the discussions said a recent offer from Uber valued Deliveroo at less than $2 billion, a valuation it achieved in funds raised last year. Deliveroo, meanwhile, is reportedly set on a $4 billion valuation.

The FT's update on the deal follows a Sky News report over the weekend, which said Deliveroo is trying to raise between $350 million and $500 million for a valuation of between $3 billion and $4 billion.

A person familiar with the matter confirmed this to the FT, saying it's looking to raise $400 million at a $4 billion valuation.

It was first reported in September that Uber was in talks to buy Deliveroo, which was founded in 2013. Deliveroo is a direct competitor to Uber's delivery service Uber Eats, which has only been in the UK since 2016.

A Deliveroo spokesman told Business Insider: "This is just yet more speculation and Deliveroo does not comment on speculation." Uber declined to comment when contacted by Business Insider.

Neither side has commented meaningfully on the talks. Uber CEO Dara Khosrowshahi appeared to open the door to a deal on a trip to London last month, when he said: "Is something going to happen with Deliveroo? Who knows?"

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